, The fresh Exchange ()(citing Citadel President Griffin as saying that banning exchange rebates manage dampen race, deteriorate liquidity bonuses and you may, ultimately, expand advances . . . .”), available at
Discover , This new Trading (), offered at
CFA Institute, Dark Pools, Internalization, and you may Security Market Top quality, 16 (Internalization is additionally said to take into account nearly a hundred% of all retail valuable order flow, where broker agents route valuable shopping orders so you’re able to a general OTC industry maker), offered by
Lawrence Harris, Change and you will Transfers: )(noting one internalizers and you will OTC market brands complete marketable instructions on the latest federal most useful bid or bring, which, “[t]o interest purchase circulate, specific [OTC business firms] make certain to help you agents that they’re going to always complete requests from the NBBO as much as a specified limitation proportions, regardless of the proportions shown in the industry.”).
Transfers are required to give you the same costs to all or any from its participants. ATSs, in comparison, could offer various other prices to various consumers.
New York Stock-exchange operates about three equities transfers: NYSE, NYSE ARCA, and you may NYST MKT. Look for NYSE ), offered at Nasdaq together with works around three security transfers regarding the United States: Nasdaq, Nasdaq PSX, and you may Nasdaq BX. Find Nasdaq, Transactions, Trading, Equities (), offered by BATS operates four collateral exchanges: BZX, BZY, EDGX, and EDGA. Discover BATS, Concerning BATS Transfers, (), available at